If the hard money folks you are in touch with dont have one ......RED FLAG

Zillow is not accurate when an area has below grade square footage.

My second property, a triplex (just purchased/owner occupied), has smaller square footage, isn't quite as old, and is less expensive.

Also the Central Square neighborhood is probably the most desirable in the city, which is the area immediately west of the empire state plaza and goes west to Washington park.

For the new property the home value is probably ~$600k, but I'd get it for around $470k (it needs updates, but has enormous square footage and great fundamentals).

Specifics such as square footage, lot size, condition of the house, etc.  

@Matthew A Rodriguez is correct that you are funding depreciating assets with appreciating ones which is a huge red flag. 

If you are having problems now this is a HUGE red flag of things to come in your future when dealing with them.Even in a slow market I would pass on anyone that does not follow my rules...

The renter is currently paying 2200 for 6500 square feet.

I'm new at this, but this seems like a giant red flag.